Company Announcements

Board Changes

By November 3, 2016 No Comments

3 November 2016

This announcement contains inside information

Papua Mining plc

(“Papua” or “the Company”)

 

Board Changes

 

Papua Mining plc, a UK company focused on the exploration and development of gold and copper deposits in Papua New Guinea (“PNG”), is pleased to confirm the appointments of John Hutchinson and Michael Somerset-Leeke as Non-executive Directors of the Company, both with immediate effect.

John Hutchinson has been managing partner at Epi-V LLP, a private equity fund specialising in oil and gas technology investments, since 2012 having joined at its inception in 2006.  During his time at Epi-V his responsibilities have included transaction management, business development and fundraising and he currently has overall responsibility for Epi-V’s own business. Prior to this John was head of the corporate team at law firm Pitmans LLP for 7 years and in 2015 he was appointed as its Managing Partner.

Mr Hutchinson’s appointment to the Board was proposed by Thalassa Holdings Ltd (“Thalassa”) in accordance with the terms of the Subscription Agreement under which Thalassa subscribed for £400,000 of new shares in the Company and which was approved by shareholders on 7 October 2016.

Michael Somerset-Leeke was formerly Chairman of Winchmore PLC, a quoted investment trust which developed a significant presence in the leisure sector. Prior to this Mr Somerset-Leeke was Senior Partner at Coni & Covington Stockbrokers.

Mr Somerset-Leeke has been a substantial shareholder in Papua since before the Company’s admission to AIM in March 2012 and currently is interested in 37,991,102 ordinary shares, representing 25.37 per cent of the Company’s issued share capital. 

The Company also announces that Keith Lough has elected to resign from his position as a Non-executive Director of the Company with immediate effect.

Hugh McCullough, CEO of Papua, commented:

“We are delighted to welcome two new non-executive directors to the Board at what is an important time for Papua. We will have some key decisions to take in the next 12 months regarding the future activities of the Company and we look forward to input from John and Michael in this regard.

On behalf of the Board I would like to thank Keith Lough for his guidance and valuable contribution to the Company’s progress.  He has been an important member of the Board since we joined AIM in 2012 and we wish him well in the future.”

Save for the information disclosed below, there are no further disclosures to be made in accordance with Schedule Two paragraph (g) of the AIM Rules for Companies in respect of the appointments.

Full name:

John Christopher Hutchinson

Michael Fitzroy Somerset-Leeke

Age:

54

73

Current Directorships & Partnerships (in the last 5 years)

Epi-V LLP

Pitmans LLP

Epi-V GP LLP

Epi-V GP Investments LLP

Moorland Energy Limited

Moorland Exploration Limited

Moorland Power Limited

Epi-V Corporate Services Limited

iPhase Limited

Guardian Holdings Limited

Tracesa Technology Limited

Evendons Close Limited

Sentio Costs Limited

None

Former Directorships & Partnerships (in the last 5 years)

Semax Materials Limited

Mandmas Limited

Tersto Limited

None

Shareholding in the Company

Nil *

* Mr Hutchinson was nominated as a director by Thalassa Holdings Ltd, an entity which is currently interested in 40,000,000 ordinary shares in the Company, representing 26.71 per cent. of the issued share capital

37,991,102 ordinary shares, representing 25.37 per cent of the Company’s issued share capital

Michael Somerset-Leeke was formerly a senior partner at Coni Gilbert and Sankey, a now-defunct UK-based stockbroker. In 1985 a number of partners in the firm, including Mr Somerset-Leeke, were censured by the Stock Exchange Council for activities relating to the use of suspense accounts. Mr Somerset-Leeke was suspended from trading activities for a period of three months.

In 1988, Michael Somerset-Leeke was a witness in a UK Department of Trade and Industry investigation relating to equity trading activities at Suter Plc, a UK-based engineering company. He was subsequently criticised for running a concert party and the DTI recommended that the concert party rules were reviewed. No further action was taken against Mr Somerset-Leeke.

For further information on the Company please visit www.papuamining.com or contact the following:

Papua Mining plc,

Hugh McCullough, Director

+353 1 532 9535

Cenkos Securities plc – Nominated Adviser & Broker,

Derrick Lee / Beth McKiernan

+44 131 220 6939

© 2017. All Rights Reserved by Papua Mining PLC.